近年来，预重整已成为上市公司进入司法重整前几乎不可或缺的前置环节，其源于本土需求、服务于纾困实践的兴起路径，彰显了市场对高效挽救机制的迫切期待。然而，在立法规则尚属空白、实践探索快速扩张的背景下，该制度正面临深刻的异化趋势：预重整作为解决重整效率瓶颈与确定性风险而诞生的“辅助工具”，当其价值被证明有效后，迅速从“可选项”变成“默认项”，几乎成为上市公司重整的必经之路，其功能从“预先协商桥梁”偏移为“实质工作前置”，进而引致临时管理人角色模糊、权责失衡、企业拯救成本攀升等一系列结构性困境。基于对这一市场趋势的密切关注与忧思，本文聚焦于制度逻辑的完整性、各方权责利的平衡性以及程序正义的可实现性，将依次追溯制度的生成逻辑，呈现规则图谱的留白现状，解剖功能偏移衍生的核心痛点，并最终尝试提出使预重整回归其商业谈判本质、约束于重整前协商程序的路径展望。笔者深信，唯有正视当前实践中的张力与悖论，方能推动这一重要企业风险纾困工具的行稳致远，真正实现其提升困境企业重生效率与公平的初心。

一、制度起源：中国本土语境下的生成逻辑与“生存突围”

前言

2024年8月26日，苏州市检察院发布了《破产检察监督案件审查指引》（以下简称“《指引》”）。《指引》共计四章六十八条，全面涵盖破产检察监督的基本原则、监督范围、审查要素、监督方式和工作保障等内容。一定程度上，这是全国首例由检察机关根据破产程序的不同环节，详细完善地单独出台破产检察监督相关规定。9月30日，江苏省检察院召开破产领域检察监督工作新闻发布会，通报了全省检察机关开展破产领域检察监督工作的整体情况。

在《指引》出台前，检察机关对破产程序进行检察监督的法律规定较为原则化，缺乏实操层面的系统性规范。近年随着破产重整等案件数量的大幅增加，破产法律制度因缺乏直接、高效的违法行为监督与纠偏机制，导致债权人等破产参与主体的救济机制略显单一，在经济发展和立法实践中呈现出局限性。在各界呼吁拓展外部监督机制的背景下，各地检察机关不断深化提升破产检察监督职能。在本次《指引》发布前，江苏省检察院在2020年即已出台《加强破产案件检察监督工作的指导意见（试行）》，尝试更为规范地对破产程序进行检察监督。通过4年时间的摸索、总结与完善，江苏省检察机关共办理涉破产监督案件1,351件，为本次《指引》的出台奠定了理论与实践基础。

In a judgment issued yesterday (Francis v Gross [2024] NZCA 528), the Court of Appeal unanimously overturned the controversial High Court decision in Francis v Gross [2023] NZHC 1107 and held that purchasers of partly constructed modular buildings (pods) did not have equitable liens (at all, and especially not in priority to secured creditors) over those pods.

This morning, after much anticipation, the Supreme Court has released its judgment in Yan v Mainzeal Property Construction Limited (in liq) [2023] NZSC 113, largely upholding the Court of Appeal's decision, and awarding damages of $39.8m against the directors collectively, with specified limits for certain directors. The decision signals that a strong emphasis on 'creditor protection' is now embedded in New Zealand company law.

In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

AML changes for court-appointed liquidators

Important changes for court-appointed liquidators to the regulations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (Act) will come into force on 9 July 2021.  These changes provide that, for a court-appointed liquidator:

The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.

This update deals with the significant appeal judgment released yesterday by the Court of Appeal in the proceedings brought by the liquidators of Mainzeal Property and Construction Ltd (in Liq) (Mainzeal) against its directors. Our previous legal updates on the High Court decisions can be found here and here.

The real lesson from Debut Homes – don't stiff the tax (wo)man

The Supreme Court has overturned the 2019 Court of Appeal decision Cooper v Debut Homes Limited (in liquidation) [2019] NZCA 39 and restored the orders made by the earlier High Court decision, reminding directors that the broad duties under the Companies Act require consideration of the interests of all creditors, and not just a select group. This is the first time New Zealand’s highest court has considered sections 131, 135 and 136 of the Companies Act, making this a significant decision.

Five years after it refused to pay rent and took the landlord to the High Court, and two years after it was placed into liquidation on account of unpaid rent, the final branch of litigation brought by the directors of Oceanic Palms Limited (in liq) has been cut down by the Supreme Court.